The consultancy firm noted some concerns however, including decreasing personnel costs, which could be a sign that a small business owner has decided not to take a salary, or is having difficulty recruiting staff in some regions.

Further warning signs that there could be tougher times ahead come in the form of statistics from the Swedish Companies Registration Office (Bolagsverket), which show that the number of new businesses fell by 10.7 percent in January 2017 compared to January 2016.

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